Effective July 1, 1997, a person who is employed by a nonprofit corporation is eligible to become a member of the Arkansas Teacher Retirement System if:

1. (1) The following applies:

   1. (A) The person is employed in a position with an educational nonprofit corporation that is licensed and regulated by the Division of Developmental Disabilities Services of the Department of Human Services;

   2. (B) The person's employment is related to:

      1. (i) Training public school employees or school board members;
      2. (ii) Teaching public school students; or
      3. (iii) Adult education programs; and
   3. (C) The person's employment is unrelated to private schools;

2. (2) The Board of Trustees of the Arkansas Teacher Retirement System determines that the participation of employees employed by the educational nonprofit corporation will not:

   1. (A) Impair the system's legal status, including:

      1. (i) The system's tax-qualified and governmental plan status under the Internal Revenue Code, 26 U.S.C. § 1 et seq.; and
      2. (ii) The system's governmental plan status under the Employee Retirement Income Security Act of 1974, 29 U.S.C. § 1001 et seq.;
   2. (B) Subject the system to additional federal requirements; or
   3. (C) Have a substantial adverse impact on the system's actuarial soundness; and

3. (3) Nonprofit corporation:

   1. (A) Elects to participate in the system;
   2. (B) Assumes responsibility for employer contributions;
   3. (C) Assumes responsibility for fees for obtaining Internal Revenue Service rulings or Employee Retirement Income Security Act of 1974 opinions; and
   4. (D) Is approved as a covered employer by the Board of Trustees of the Arkansas Teacher Retirement System.